The global parking management market was valued at US$ 4,432.7 Mn in 2016 and is projected to increase at double digit CAGR of 10.75% to reach an impressive value from 2017 to 2026. The government segment in the global parking management market is estimated to account for majority revenue share of 61.4% in 2017.

Global Parking Management Market: Segmental Snapshot

By application: Commercial segment accounts for highest market share and is estimated to register a CAGR of over 11.4% between 2017 and 2026.

By parking facility: Off-street segment is estimated to register highest CAGR of 10.9% over the forecast period.

By component: The first five-year cumulative revenue (2017-2021) of the hardware segment is projected to be US$ 16,574.8 Mn, which is expected to increase rather significantly over the latter part of the five-year forecast period.

By solution type: Valet parking management segment is estimated to register a CAGR of 11.9% during the forecast period.

By region: The market in the Americas accounted for highest revenue share in the global parking management market in 2016, and is expected to register a CAGR of over 11.1% between 2017 and 2026.